Ross Systems Inc, the Redwood City, California company that is trying to diversify from its core business of developing and marketing financial applications for the Digital Equipment Corp VAX, reports that its bank lender has amended its credit facility, extending the period by which the company must complete a $10m equity or other capital financing to August 31 from June 20. The bank also agreed to reduce the amount that must be paid on June 30 on the loan to to $2m from $5m. The amendment requires the company to pay off any remaining balance of the term loan and revolving credit facility by August 31, but the bank also agreed to forbear taking action to enforce remedies available to it relating to non-compliance for so long as its collateral position is not adversely affected.
